With a relentless passion to scale new heights in business, Rakesh Dighe, Founder & CEO of Risk Quotient Group (a Risk Management Consultancy with offices in London, Singapore, and Mumbai), is on a mission to transform the Risk Management sector with the use of leading-edge technology solutions.
Rakesh is a UK-qualified Chartered Accountant based in London who specializes in Technology Risk Management. In the course of 20+ years of rich experience working with several multinational corporations around the world, he has designed and implemented risk-based controls frameworks for strategic, operational, and financial business processes, primarily in the Energy sector.
An eternal optimist by nature, Rakesh sees opportunities where others see a meltdown. He is driven by, and derives immense fulfillment from, creating specialized skilled employment and opportunities for professional and personal growth for his people.
The Wonder Years – From 1992 to Present
Rakesh’s career started in the mid-80s upon obtaining a first-class degree from the prestigious Sri Ram College of Commerce at Delhi University, India. Subsequently, after graduating with a distinction from Oxford Brookes University in the UK, he completed a four-year training contract with a firm of Chartered Accountants in London and passed the professional exams on the very first attempt.
“I followed the wise advice of Mr. Amal Ganguly, the Chairman of PwC in India and the father of my dear friend, Anupam. His wise words were, ‘Go East, Young Man’! So East is where I went, firstly to the Tiger economy of Singapore with plans to go to Hong Kong afterward. But I never made it to Hong Kong as PwC Singapore offered me a job with an excellent set of colleagues, so I forgot about moving to Hong Kong,” says Rakesh. At PwC Singapore, he was mentored by Mr. Gautam Bannerjee, who was a Partner with PwC and eventually became the Chairman of PwC Asia Pacific and is now the Chairman of Blackstone Singapore.
“In my very first year at PwC, I was promoted twice. I was then asked- as an Assistant Manager- to provide expert accounting evidence in a legal dispute at the Singapore High Courts. This was a first for PwC as only Partners of PwC were allowed to give evidence in Court. Within a year, I became a Manager, which was a coveted position,” he continues.
Rakesh then served a six-month secondment to Shell Singapore from PwC. Impressed by his intellect and diligence, Nick Shorthose- a British Line Manager- encouraged Rakesh to apply to Shell for a full-time job. Despite being on the ‘Partnership Track’ with PwC Singapore, Shell Singapore’s offer of double the salary and half the working hours was compelling enough for him to make the switch.
Coincidentally, it was just at this time that the Shell Group had started implementing multi-million US-dollar ERP projects globally using the German SAP system. Rakesh was soon inducted into the multinational SAP project team, where he quickly built up his niche SAP skills that were soon in high demand across the 140+ companies of Shell. He was invited to assist project teams in Brazil, Holland, and Italy, to name just a few.
Leveraging his much sought-after SAP skills, Rakesh moved to London with Ernst & Young (EY) in 1999 and then to Shell International again. He shuttled between Holland and London, UK for nearly 5 years, taking on increasing regional and global responsibilities. As a consequence, Rakesh has worked in about 34 countries, an experience that has been invaluable as he charts the future course for his entrepreneurial venture.
Turning Entrepreneur: Creating & Growing Risk Quotient
“The pivotal moment came when I had to leave my cherished role at Shell in 2010 due to medical reasons. I decided then that I would turn life’s challenges into an opportunity with the help of my incorrigibly-exuberant and positive outlook on life and a very strategic and creative mind,’ says Rakesh.
Rakesh set up Risk Quotient Group with the vision of building a global specialist Technology Risk Management Consultancy Company with its own proprietary suite of software tools in the niche areas of cyber security and business continuity. He identified these as ‘hyper-growth areas’ for the foreseeable future, as the digital revolution gained unstoppable momentum.
The dream of a global consultancy with an India story at its heart started to coming to fruition with the appointment of Chaitanya Kunthe (CK) as the Chief Operating Officer and heading up India operations based out of Mumbai. With a hand-picked team of the brightest and best in the market and applying the AGILE project management methodology to cyber security assignments, CK has helped Risk Quotient establish a portfolio of over 100 repeat customers, including some of the biggest brands in the BFSI sector.
CK and I make an unbeatable Team who complement each other well and set the tone at the top,” says Rakesh. While he claims to have his head firmly in the clouds, thinking of generating opportunities and strategies to leverage his vast international network and the firm foundations laid by the CK and team, he credits Team CK’s methodical emphasis on delivery and quality for the growth and success the Group has achieved.
“Value Creation and Happy Customers with well-rewarded employees and strong business principles- no discrimination policy, women empowerment, no bribes, to name a few- was our motto and operating mantra right from the outset,” says Rakesh. “I have always wanted to give back to society by creating specialised jobs in the emerging economies of the world and to share the gains fairly with the staff.”
“Our unique structure of being a ‘minimalist company’ enables us to provide high value at competitive prices. The open culture and informal work environment CK & team RQ have created and nurtured ensure a happy team with high productivity levels,” says Rakesh.
Core Beliefs and Priorities as an Entrepreneur/CEO
According to Rakesh, an entrepreneur needs to think outside the box, embrace change, and be optimistic in all circumstances and situations. They should possess excellent networking skills and be strategic in their thinking with a strong sense of fair play.
He is a strong proponent of ‘Share and Share alike’, which is reflected in the policy of Risk Quotient to share the rewards of success with its leadership team. As a result, the company is 100% employee-owned.
As CEO, many of Rakesh’s key responsibilities are people-centric. In fact, he lists the following as his highest priorities:
- On-time payment of salaries for employees (zero tolerance for delays or errors)
- Position HR and other complementary policies to bring out the best in employees, leading to happy employees and customers.
- Shape group strategy, communicate, and empower employees to deliver on strategy.
- Keep the group compliant with local and international laws in the true spirit of honesty and Integrity ( do the right thing even when no one is looking).
- Implement a ‘Fast Track Program’ for younger team members, where Risk Quotient promotes promising resources every six months and inducts them into the Leadership Team in record time.
The Bridge Between Cyber Security & Cyber Insurance
Rakesh believes that providing comprehensive services in cyber risk quantification to insurance companies offering cyber insurance policies presents a huge opportunity for Risk Quotient. In his 3-year business plan, he sees the company rapidly transforming itself from a pure services organization to a product-led one, with an array of world-class software tools which include AI-driven tools.
He also intends to rapidly expand internationally and enhance the excellent network of supporters in West Africa, Malaysia, Singapore, the Middle East, and India. Risk Quotient is already seeing early successes in its West Africa market entry and bright prospects in ASEAN markets.
Rakesh envisions the use of appropriate government support through agencies like Enterprise SG and tapping into the unique skills and networks these offer to drive Risk Quotient’s growth. Rakesh is also considering external funding options to fund future growth and scale the business driven by its Saas-model products that are already gaining traction in markets like India, Ghana, UAE, and Malaysia.
‘If I had a crystal ball I would say the biggest opportunity for Risk Quotient is to be the bridge between cyber security and cyber insurance. Both are niche areas that will continue to see explosive growth.”
